Wednesday, April 1, 2009

MDRNA Sells Contract Manufacturing Facilities

Bothell, Wash.-based biotechnology firm MDRNA announced this morning that it has agreed to sell its manufacturing facilities in Hauppauge, N.Y., to Par Pharmaceutical Inc. Financial terms of the deal, which also includes the sale of MDRNA's abbreviated new drug application for generic calcitonin-salmon nasal spray, were not disclosed. However, MDRNA said it will receive cash upfront as well as profit sharing on commercial sales of calcitonin. Par Pharma will also assume MDRNA's supply and manufacturing obligations and all operating costs associated with the facilities, MDRNA added. MDRNA's focus is the development and commercialization of therapies based on RNA interference. MDRNA said the move was part of its plan to solely focus on research and development of RNAi-based therapeutics.